Vehicle mortgage loan refers to the loan obtained from some financial institutions or automobile consumption loan companies with the borrower or a third party's car or self-purchased car as collateral. The loan amount is generally 70% of the assessed value of the vehicle. Many borrowers have asked, how much is the interest on car mortgage? Teach everyone to calculate loan interest in one minute!
How much is the interest on car mortgage?
The interest rate range in automobile mortgage is roughly 0, but most of the interest rates in automobile mortgage are based on the monthly interest rate. Banks are in the middle, and financial institutions are separated by more than 1 minute. Calculation formula of interest: interest = loan principal loan interest rate loan term.
Generally speaking, banks will require the vehicle age, mileage and vehicle valuation of the loan vehicle, but financial institutions will require the vehicle to be registered in the name of the lender, with a license and no guarantee.
Loans can be used for business purposes such as purchasing raw materials and commodities, and also for consumer purposes such as car purchase, decoration, travel and wedding. Bank's vehicle mortgage loan is generally not allowed to be used for buying a house, studying abroad, investing in financial securities and other purposes.
The general car loan interest rate is slightly higher than the bank benchmark interest rate. The average interest rate of bank car loans generally rises by 10% according to the bank benchmark interest rate. The benchmark annual interest rate of banks is one year, and the one-year car loan interest rate is one year. Suppose the borrower takes out a car mortgage of 654.38 million yuan and repays it within one year. If the annual interest rate is equal to the principal and interest, the total interest is RMB, the total repayment is RMB, and the monthly repayment is RMB. According to the average principal repayment method, the total interest is RMB, the total repayment amount is RMB, and the repayment amount is RMB 8843 in the first month, and the repayment amount decreases month by month.
How much is mortgage interest rates?
First of all, answer directly.
With regard to the interest on vehicle mortgage loans, different banks and lending institutions may implement different interest rates (subject to the approval results of the handling outlets).
Second, the specific analysis
At present, the benchmark interest rate of RMB loans is: short-term loans: 4.35% within six months, and 4.35% from six months to one year (including one year); Medium and long-term loans: 4.75% for one to three years (including three years), 4.75% for three to five years (including five years) and 4.90% for more than five years.
It should also be noted that the amount of the loan applied for is different from the selected loan term, which will also make the final interest different.
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3. What's the general interest on auto mortgage loan?
Automobile mortgage mortgaged the car to the bank to obtain loan funds, and paid interest to the bank as a reward after the loan was successful.
There are four factors that determine the amount of interest, namely, loan amount, loan interest rate, loan term and repayment method.
1. Loan amount: The appraisal institution cooperating with the bank in automobile mortgage conducts an overall appraisal of the mortgaged vehicles, and then determines a proportion based on the borrower's comprehensive credit conditions, which generally does not exceed 80% of the appraised capital at the highest.
For example, if a car is valued at 200,000 yuan, the bank can only give a loan of 1.6 million yuan at most.
2. Loan interest rate: The annual interest rate of auto mortgage loan is 15, 4.75%, and 4.9% for more than 5 years.
3. Loan term: The longest term of most automobile mortgage loans is 3 years, and some banks can provide a loan term of 5 years.
4. Repayment method: Generally, there are two ways: equal principal and interest and average principal.
Automobile mortgage interest rate
The interest in automobile mortgage is related to the loan amount, loan interest rate and loan term. The calculation method of loan interest is: loan interest = annual interest rate of loan principal and loan term. If the loan amount is 70,000 yuan, the loan period is 5 years, and the annual interest rate is 4.75%, the loan interest is 700,004.75% 5 =16625 yuan. The loan interest rates of lending institutions are all floating on the basis of the benchmark annual interest rate announced by the central bank. At present, the latest benchmark interest rate of the central bank is as follows:
1. Short-term commercial loan: within 1 year (inclusive), with an annual interest rate of 4.35%.
2. Medium and long-term commercial loans: 1 to 5 years (including 5 years), with an annual interest rate of 4.75%; For more than 5 years, the annual interest rate is 4.9%. Matters needing attention in automobile mortgage:
First, the automobile mortgage conditions
Basic conditions that the borrower must meet:
1, a citizen of China who has reached the age of 18, has full capacity for civil conduct and has a fixed residence in China.
2 have a stable professional and economic income, and can guarantee to repay the loan principal and interest on a regular basis.
3. Guarantee can be provided.
4. Other conditions stipulated by the bank.
Second, the information needed by automobile mortgage
1. has a stable occupation, and the applicant has the ownership of the local mortgaged vehicle.
2. Enterprises that have been living and working in this city for a long time.
3, motor vehicle registration certificate, driving license, purchase tax additional proof (this), car purchase invoice.
4. Insurance policy, travel tax, and relevant tax payment certificates for imported vehicles.
5, ID card (non-local account customers provide temporary residence permits or residence permits within the validity period.
First, the concept of mortgage interest rate
Automobile mortgage refers to the loan products that borrowers use their own or third-party vehicles (including cars, SUVs, trucks, etc.). ) as a mortgage for personal comprehensive consumption, it is repaid by mortgage. Automobile mortgage interest rate refers to the price that the borrower pays to the borrowed funds, and it is also the return that the lender gets in lending to the borrower. The interest rate in automobile mortgage is usually calculated as a percentage of one-year interest and principal.
Second, the way of automobile mortgage
At present, we can mainly handle real estate mortgage loans through banks, trusts and pawns.
Third, the interest rates of different automobile mortgage routes.
(1), bank loan
The borrower applies for mortgage loan in the bank with the purchased car as collateral or pledge. When applying for mortgage loans, banks must issue automobile sales contracts, automobile mortgage agreements, automobile mortgage contracts, etc. The annual interest rate starts at 6%.
(2) Trust loan
Trust automobile mortgage means that the trustee accepts the entrustment of the principal and makes a loan with the funds deposited by the principal according to the object, purpose, term, interest rate and amount specified by the principal (or in the trust plan), and the financier takes automobile mortgage as the guarantee method of the trust loan. The interest rate plus handling fee is generally around 18%.
(3) Pawn loan
Mortgaged real estate mortgage loan refers to the behavior that the pawnbroker mortgages his car to the pawnshop, pays a certain percentage of handling fee and interest, obtains the pawnbroker's interest and handling fee, and repays the pawnbroker's money and redeems the pawnbroker's goods within the agreed time limit. Interest and other comprehensive expenses add up to about 3% per month.